Curriculum Vitae. Giuseppe Travaglini

Transcription

1 October 2006 Curriculum Vitae Giuseppe Travaglini Address: University of Urbino Carlo Bo Faculty of Economics Institute of Economic Sciences Via Saffi, Urbino, (PU), Italy Tel: /558 Fax: Date of birth: February 14, 1964 Citizenship: Italian Professional position Associate Professor of Economics, University of Urbino Carlo Bo, Faculty of Economics, Institute of Economic Sciences, since January 2002 to present; Lecturer of Microeconomics, University of Urbino Carlo Bo, Faculty of Economics, since January 1995 to December 2001; Assistant Professor of Microeconomics, University of Urbino Carlo Bo, Faculty of Economics, since September 1993 to December 1994; Education (1996) University of Ancona (Italy), Department of Economics, Ph. D. Dissertation on: Investment decisions and economic dynamics. (supervisor Enrico Saltari) (1993) MSc in Economics (with merit), University of York (UK), Department of Economics and related studies. Dissertation on: Economic fluctuations and stochastic trends: Using money demand to test Real Business Cycle. (supervisor Huw Dixon). (1991) Università di Roma "La Sapienza", Laurea summa cum laude in Economics. Dissertation on: Insurance and Economic theory: the role of uncertainty and information (supervisor Marcello De Cecco).

2 Other positions as teaching. Courses in Financial markets and Applied Finance, University of Urbino, Faculty of Economics (from 2001 to present) PhD courses, University of Ancona, Faculty of Economics (from 2001 to 2005) (Arguments: Intertemporal Consumption and Investment theory) PhD courses, University of Roma La Sapienza, Faculty of Scienze Politiche (from 2005) PhD courses, University of Roma La Sapienza, Faculty of Economics (2004) (arguments: Intertemporal Consumption and Asset pricing). PhD courses, University of Roma La Sapienza, Faculty of Political Sciences (2006) (arguments: Intertemporal models for Economics). Master MEI (Prof. M. Bagella), University of Tor Vergata, Faculty of Economics (arguments: Investment decisions and financial structures) (from 2002 to 2004) Professor of Economics, Faculty di Sociology (from 1998 to 2003). Professor of Economics and finance, ISTAO, Ancona 2005/2006. Research Interests My research areas include investment theory, consumption theory, growth theory, asset pricing, financial markets and corporate finance. Currently I am working in two main areas. Firstly, applications of theoretical models of investment and decisions (in presence of uncertainty) with financing constraints. I am dealing with models in which firms take their current decisions on capital spending in the light of future credit or liquidity restrictions. In this scenario, it can be shown that the effects of future financing constraints are included in the market value of the firm, and thus are captured by the current q value. Consequently, in a dynamic setting future constraints can affect the current behavior of the firm even when the constraint is slack at the current time. Of course, this forward looking behavior has crucial economic implications for the effects of the monetary policy and the econometric testing. More recently my interest focused on the debate on the weak growth in EU 15 and in Italy in the 1990s with specific attention to productivity determinants. This research shows that the deceleration in labor productivity in the euro area was caused by structural changes in labor market consequences of two shocks: technological shock that is the decreasing in the growth rate of the TFP - affecting the labor demand curve, and non technological shock - caused by reforms in labor market - which affecting real wage and flexibility shifted the supply curve. The combination of these two shocks increased between the labor intensity of growth and, thus, reduced both the rate of capital deepening and the productivity rate. In addition, a surge in capital deepening and, mainly, TFP growth in the USA explain a large part of the productivity growth gap between the two regions in the second half of the

3 1990s. Key words Real and financial Investments Consumption and asset pricing Economic Growth Financial markets and Portfolio Analysis (Capm, Apt, derivatives) Corporate finance Intertemporal models (continuous and discrete time) Uncertainty and irreversibility Refereeing Journal of Money Credit and Banking, Journal of the European Economic Association, Scottish Journal of Political Economy, Berkeley Journal of Macroeconomics, Rivista Italiana degli Economisti, Rivista di politica Economica. Recent (main) Conferences 2006 XVIII Villa Mondragone International Economic Seminar on Europe: A new Economic agenda, CEIS, Tor Vergata June The productivity slowdown puzzle: technological and non technological Shocks in Labor Market 2006 International Workshop The Economic Impact of technological and non technological shocks in the Labour Market, University of Urbino Carlo Bo, Urbino, Italy, May th Conference on Macroeconomic Analysis and International Finance (Crete) - «Future constraints and current investment» th Conference of Micro Macro and Finance group (MMF) Warwick (UK), - «An exact solution for constrained consumption when income is stochastic» th Conference on Macroeconomic Analysis and International Finance (Creta) - «Investment, Financing Constraints, and the Euler equation» MDEF 2002 Second Workshop "Modelling dynamics in Economics and Finance" Urbino, Italy Atlanthic Economic Conference (Paris) - The role of future constraints in determining current investment decisions 2001 Atlanthic Economic Conference (Athen) Financial constraints and investment decisions th Conference of MMF Group (South Bank University, Londra) Liquidity Constraints and Investment Decisions Royal Economic Society 2000 Conference (St. Andrews, Scotland) Financial

4 Constraints and Real Investment. Articles in Refereed Journals 1 Mercato assicurativo informazione imperfetta e teoria economica in Rivista Assicurazioni "La teoria neoclassica delle scelte con incertezza e irreversibilità delle scelte", Rivista Internazionale di Scienze Sociali 3, , "The Relationship between investment and demand with uncertainty and irreversible capital", Giornale degli Economisti e Annali di Economia 4, , "Componenti stocastiche e fluttuazioni cicliche: può l'incertezza influenzare l'investimento fisso?", Rassegna di lavori dell'isco 1, , "Disturbi Transitori e Permanenti nella dinamica degli Investimenti settoriali in capitale fisso", su Rivista Italiana degli Economisti 1998 (con G. Calcagnini). 6 - "Decisioni d'investimento e incertezza in un modello di equilibrio generale", su Studi Economici 1998 (con E. Saltari). 7 - "Impact and nature of irreversibility and uncertainty on firms' investment decisions: a survey in italian manufacturing industry", Economie Appliqèe "Barriere di prezzo, vincoli di liquidità e investimento", Rivista di Politica Economica "Financial Constraints and Investment decisions", Scottish Journal of Political Economy How do future constraints affect current investment?, Topics in Macroeconomics of The Berkeley Journals in Macroeconomics The effects of future financing constraints on capital accumulation: some new results on the constrained investment problem Research in Economics may Irreversibility and interest rates, International Journal of Business and Economics, vol.5, n Working papers 1. - "Capital Accumulation in a model with quantity constraints", Working paper n. 62, University of Urbino Discounting under uncertainty and irreversibility, Working paper n. 61, University of Urbino Investment, financing constraints and the Euler equation, Working Paper n. 50 Dipartimento di Economia Pubblica, Università di Roma La sapienza. 4. An Estimation of Money demand: Differences in the long and short run Working Paper n.80 University of Urbino. 5. La struttura finanziaria delle imprese: il teorema Modigliani-Miller e le decisioni d investimento Quaderni di economia matematica e statistica n. 97, Università di Urbino ottobre (2004). 6. Consumo intertemporale e asset pricing, Quaderni di economia matematica e statistica n. 99, Università di Urbino luglio (2005)

5 7. Le radici del declino dell economia europea: una interpretazione della dinamica di occupazione, produttività e accumulazione in Europa nell ultimo decennio (con Enrico Saltari). Quaderni di economia matematica e statistica n. 100, Università di Urbino settembre (2005). Chapters in book 1- "Real investments and uncertainty: real option and financial markets" in Decisioni di Investimento, di G. Zanetti). Lavoro presentato alla 37 Riunione Scientifica Annuale della SIE - Roma ottobre (1997). 2- "An empirical analysis on Italian Firms' Investment Decisions", in Use of survey data for industry, research and economic policy, CIRET, a cura di K.H. Oppelander-G. Poser-B. Ships, (2000) (con P. Carnazza) 3- I vincoli futuri influenzano le decisioni correnti d investimento?, in Finanza e crescita quali vincoli quali rischi?, a cura di M. Bagella (2004). 4- The role of future constraints in determining current investment decisions (with E. Saltari), in International economic flows, currency crises, investment and economic development, a cura di G, Gandolfo e F. Marzano, (2004). 5- Il concetto di mercato efficiente nella teoria economica, in Informazione imprese e mercati finanziari efficienti, a cura di P. Demartini, ed. FrancoAngeli (2005). Book Le radici del declino economico. Occupazione e produttività in Italia nell ultimo decennio, (con E. Saltari) ed. UTET, Torino, July Miscellanea 1 An Exact solution for constrained consumption when income is stocastich, mimeo, University of Urbino, presented to MMF group Warwick Future constraints, current investment and the value of the firm (2004) (with E. Saltari) mimeo, University of Urbino. 3 Economic fluctuations and stochastic trends: using money demand to test the real business cycle, University of York. 4 - Investment financing constraints and the Euler Equation, Mimeo Urbino Work in progress 1 The productivity slowdown puzzle: Technological and non technological shocks in labor market (with E. Saltari) 2 Certainty-Equivalent Model and Concavity of the Consumption Function: Explaining the Effects of Constraints and Income on Consumption 3 - Investment decisions and financial structure: some evidence from the MedioBanca data base